Tuesday 15 January 2013
The financial services industry, individuals, organisations and the public have until 1 February 2013 to contribute to the Scrutiny Committee's public consultation for its review "Who 'regulates' the financial services regulator?"
The Scrutiny Committee identified the oversight and policy framework for regulation provided by the Government to the financial services regulator as a subject meriting review.
The review will consider the relationship between the States of Guernsey and the Guernsey Financial Services Commission ("GFSC") to clarify and assess the governance arrangements in place, including reporting lines, responsibilities and accountabilities relating to financial regulation policy. It will also consider how financial regulation policy is developed by Government and implemented and how it measures the performance of the GFSC in regulating the financial services sector.
The Committee Chair, Paul Arditti said:
"The public consultation is a key part in the Committee's information gathering process and will ensure the Panel takes into account a broad scope of views. I would therefore encourage any member of the public, businesses, business groups or consumer groups to engage with the Committee and provide a written submission to the review".
Any individual or organisation interested in providing a written submission to the Committee as part of this review may access a copy of the terms of reference and consultation document:
- on the States of Guernsey website (www.gov.gg/scrutiny),
- in hard copy from the Sir Charles Frossard House reception; or
- on request from the Scrutiny Committee office (scrutiny@gov.gg or telephone 717133).
The consultation will close on Friday 1 February 2013. At the conclusion of the consultation period, the review panel will analyse the information received and determine whether it believes a public hearing with key stakeholders would be beneficial to gather additional evidence and to question the relevant Government Departments on findings and information received.
ENDS
Please contact the Scrutiny Committee to arrange an interview with the Scrutiny Committee Chair on the Committee's "Who 'regulates' the financial services regulator?" review.
Tel: 717133
Email: scrutiny@gov.gg
